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"Islamic literature -- Sources"
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Classical Islam
This definitive sourcebook presents more than sixty authoritative new translations of key Islamic texts. Edited and translated by three leading specialists, Classical Islam features eight thematically-linked sections covering the Qur'an and its interpretation, the life of Muhammad, hadith, law, theology, mysticism and Islamic history. The new edition has been expanded to cover a fuller range of material illustrating the growth of Islamic thought from its seventh-century origins through to the end of the medieval period. It includes illustrations, a glossary, extensive bibliography and explanatory prefaces for each text. Classical Islam is an essential resource for the study of early and medieval Islam and its legacy.
eBook
Does Islamic Sustainable Finance Support Sustainable Development Goals to Avert Financial Risk in the Management of Islamic Finance Products? A Critical Literature Review
Policymakers, governments, and Islamic financial institutions are increasingly focusing on sustainable development, leading to an in-depth examination of current sustainable finance practices, projects, and product portfolios. This study examines the role of Islamic sustainable finance (ISF) in promoting Sustainable Development Goals (SDGs) to avert financial risk in the management of Islamic Finance Products (ISFP). Through qualitative analysis, the study conducts a critical literature review (CLR) that incorporates conceptual, theoretical, and empirical perspectives on ISF and SDGs and addresses two specific research questions. Our study examines over 48 journals from 2010 to 2024 and provides insights into how ISF advances the SDGs across all environmental, social, and economic dimensions. It also highlights that ISF promotes green entrepreneurship by investing in sustainable projects, supporting SMEs, and offering alternative financing. ISF also promotes financial stability, justice, and growth and is consistent with the principles of Maqasid al-Shari’ah. Key ISF mechanisms that promote the SDGs include Islamic Green Sukuk, Socially Responsible Investment Funds, Islamic Microfinance, and Islamic Impact Investing. Integrating Islamic ethical principles into financial activities is crucial for inclusive and sustainable economic development. These qualitative insights are critical for policymakers, Islamic financial institutions, Halal entrepreneurs, environmentalists, and investors to understand the potential of Islamic social finance (ISF) to support sustainable practices, projects, and portfolios. Furthermore, the ISFs alignment with Maqasid al-Shari’ah highlights its importance in promoting sustainable development while mitigating financial risk in ISFPs management. The study offers robust contributions to the existing literature to provide comprehensive insights into how ISF can be effectively used to promote SDGs.
Journal Article
Exploring green banking performance of Islamic banks vs conventional banks in Bangladesh based on Maqasid Shariah framework
Purpose
Environmental degradation has been identified as one of the major impediments for development in Bangladesh. The World Health Organization has ranked Bangladesh fourth among the most polluted countries in the world. Faced with this challenge, the Government of Bangladesh introduced the Green Financing Policy and encouraged banks to participate in offering green financing as part of the efforts to promote environment-friendly economic activities for sustainable economic development. This study aims to examine the financial performance of selected commercial banks that offered green financing in Bangladesh in the period from 2012 to 2014.
Design/methodology/approach
In achieving this objective, the paper has divided the various sections of green banking policy under Maqasid Shariah framework of Imam Al-Ghazali, which is preserving faith, life, intellect, posterity and wealth. After that, green performance is compared between five conventional banks and five Islamic banks, according to the secondary data gathered from the annual reports and sustainability reports, as well as verified based on interviews. Finally, based on quantitative and qualitative thematic analysis approach, it is identified which banks meet most of the Shariah objectives along with performing sustainably.
Findings
The study finds that none of the banks fully meet the green/sustainable policy requirements; however, the Islamic banks are ahead in preserving faith, intellect and wealth circulation.
Research limitations/implications
This research is mostly based on secondary data; banks’ non-disclosure of green data was an impediment to run in-depth and fair comparisons. However, to check the reliability and validity of secondary data, two heads of sustainable banking department from conventional bank and two from Islamic bank have been interviewed.
Practical implications
Based on the findings, several recommendations are made on ways to expedite green financing, which can ultimately enhance contribution of Islamic banks toward the sustainable economic growth of the country while fulfilling Maqasid Shariah.
Social implications
Because the green banking policy aim is very much in line with Maqasid Shariah which is the aim of Islamic banks, Islamic banks can presumably contribute more to the sustainable economic growth of the country by aligning their entire operations with green policies.
Originality/value
To the best of the authors’ knowledge, this study is perhaps the earliest initiative to compare Islamic and conventional banks’ green performances in Bangladesh.
Journal Article
Exploring Tarbiyah in Islamic Education: A Critical Review of the English- and Arabic-Language Literature
This review examines the meaning and scope of tarbiyah and its relationship to other key Islamic educational concepts, such as taʿlīm, tadrīs, and taʾdīb, in the English- and Arabic-language literature. The central question guiding this review is as follows: what does tarbiyah signify in primary and secondary sources, and how is it conceptually linked to taʿlīm, tadrīs, and taʾdīb? Employing a narrative review, this study critically examines relevant texts to clarify the distinctions and connections among these foundational concepts, offering insight into their roles within Islamic educational discourse. The English-language literature on the subject reveals divergent views on the meaning and the interplay between these concepts, their relationships, and their hierarchical order. This is less prominent in the Arabic-language literature. A deeper understanding of tarbiyah can help shape the vision and mission of Islamic schools and teacher education programmes, while also guiding the development of educational policies and praxes that are both academically rigorous and grounded in Islamic educational principles. Such an approach supports the holistic intellectual, moral, and spiritual development of learners.
Journal Article
Gog and Magog in early eastern Christian and Islamic sources : Sallam's quest for Alexander's wall
An important contribution to the discussion about Christian Syriac influence on Koran and Early Muslim Tradition, this volume studies Eastern Christian and Islamic views on the Biblical and Koranic Gog and Magog. Connected with this theme is the quest for Alexander's wall.
eBook
Predicting the future financial performance of Islamic banks: a sentiment analysis approach
Purpose
This study aims to predict the financial performance of Islamic banks with sentiments of management from the textual information in annual reports.
Design/methodology/approach
The study uses data from 33 Islamic banks in six Islamic countries from 2006 to 2020. The authors estimate the model using the system GMM because it helps dealing with endogeneity problem, which are inherent in panel data.
Findings
The findings of the study reveal that there is a strong relationship between the sentiment expressed by management in annual reports and the current (future) financial performance of Islamic banks. The higher the positive sentiments of management, the better financial performance. In addition, the study also suggests that negative sentiments using term frequency-inverse document frequency is linked to a decrease in banks’ financial performance.
Research limitations/implications
The study does not present the Islamic view on sentiment analysis in the context of Islamic scriptures due to the unavailability of a relevant dictionary.
Practical implications
The findings of the study suggest that developing accurate models with the help of textual information for performance prediction of Islamic banks help shareholders, regulators and policymakers avoid devastating events. Using textual information may also help reduce the information asymmetry between the management and shareholders, which may lead to more efficient bank supervision. The study can also help investors evaluate their prospective investments in the Islamic bank.
Originality/value
To the best of the authors’ knowledge, this study is the first of its kind that uses management sentiments for performance prediction of the Islamic banking sector. It may add a valuable contribution to the existing literature.
Journal Article
Preventing Oil Shock Inflation: Sustainable Development Mechanisms vs. Islamic Mechanisms
This paper discusses the effects of both sustainable development and an Islamic system on the transmission of oil shocks into inflation. Sustainable development in this context includes wealth distribution equity, public governance effectiveness and alternative energy creation for the promotion of economic growth. These factors have been revised by Askari and Mirakhor under an Islamic approach using a set of Islamic indices to reflect a social, economic, political and ecological system that is in compliance with the Sharia principles. Using the ARDL model, we tested whether these Islamic mechanisms could have played the role of sustainable development in the fight against the transmission of oil shocks into inflation in MENA countries during the period 2000–2018. The results show that the Islamic system can play the role of sustainable development better than the traditional one, through fostering social equity, fighting against corruption, promoting humanity in employability and facilitating growth of the real economy. These Islamic values slow down the inflationary phenomenon caused by oil shocks.
Journal Article
An Imaginary Byzantium in Early Islam: Byzantium as Viewed through the Sīra Literature
This article examines the emergence of new representations of Byzantium in early Arabic literature, with a focus on the Sīra, the biography of the Prophet Muḥammad. This historical investigation leads to a dual conclusions that the Arab perception of Byzantium not only forged an “imaginary Byzantium” but also marked the emergence of Arab self-consciousness. This process significantly influenced the Arab historical and cultural narratives, framing them within the context of the Arabic identity that emerged in late antiquity. Nevertheless, this relationship between the early Islamic community and Byzantium does little to confirm accurate knowledge about Byzantium, rendering the emerging representations as not truly reflective of “reality”, but rather presenting us with an “imaginary Byzantium”. This applies whether related to events in the 1st/7th century or the transition from oral to written texts during the 2nd/8th and 3rd/9th centuries. Furthermore, these representations reveal more about the creators of this imaginary than the other itself, shedding light on the motives of early Muslim writers who used the Sīra as a vehicle for these imaginaries. Ultimately, the article identifies, through the textual analysis and historical contextualization of Sīra, two narrative layers therein that are related to the imaginary Byzantium. The first layer reflected a pervasive fear of Byzantium, while the second layer represented an attitude of challenge and rivalry.
Journal Article